Galardi v. Naples Polaris, LLC
Annotate this CaseThis dispute arose out of a written option contract under which Respondent had the right to purchase real property from Appellants for $8 million. The property was subject to a deed of trust securing approximately $1.3 million in debt. At issue was whether the Respondent or Appellants were required to pay off the $1.3 million debt. The district court granted summary judgment for Respondent, concluding that the option contract required Appellants to deliver clear title, meaning Appellants were required to remove the $1.3 encumbrance for a net $6.7 option price. Appellants appealed, arguing that the option contract contemplated that Respondent take title subject to preexisting encumbrances, so that Appellants received the full $8 million option price. The Supreme Court affirmed, holding that the district court properly interpreted the option contract and that the contract placed responsibility for the $1.3 million debt on Appellants' side of the ledger.
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